Global regulators to question Libra, as EU concerns rise

Global regulators will question Facebook on Monday about its Libra cryptocurrency, amid concerns from European Union governments over the threat the digital currency poses to financial stability, news wires reported, citing the Financial Times. Officials from 26 central banks, including the US Federal Reserve and the Bank of England, will meet with representatives of Libra in Basel on Monday. Libra’s founders have also been invited to answer key questions about the currency’s scope and design, FT said.

On Friday French Finance Minister Bruno Le Maire said that Paris and Berlin have agreed to block Facebook’s Libra cryptocurrency, as it posed risks to EU states’ sovereignty. In a joint statement, the two governments affirmed that “no private entity can claim monetary power, which is inherent to the sovereignty of nations”.

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